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, don't worry as much about the deficit, the revenues will come in, and we have to get rid of the social safety net the way it's been, and cut spending, slash spending dramatically. it was very divided policywise and barack obama won pretty handily. >> a week after the election john boehner, speaker boehner, does a press statement and he says we're not going to raise revenues. we should look at loopholes and deductions. >> one thing that hasn't changed and you can put on as many senate republicans as you want looking reasonable. what hasn't changed is the tea party caucus in the house. they've lost a few members, but they're still a majority and john boehner has to find some way to get something past them. that's why i doubt there will be a christmastime deal. i think the president is going to have to let these tax cuts end and then boehner may have a chance of convincing them to pass tax cuts for the bottom 98% without the top 2%. >> do you agree with that, dr. peterson? that the president will be forced to allow these to run their course simply so that republicans in the house won't ha
to pay a little bit more to reduce the deficit. bill: what happens if they don't see a deal? 90% of americans will see a tax hike in 2013. and families that make between $40,000 and $65,000 will have to pay an extra $2,000 to washington, d.c. in taxes. martha: concerns over america's fiscal cliff have sent the markets lower in premarket trading. there is a look at where the dow is poised to open this morning. with the dow, the s & p and the nasdaq all trading lower. speaking of that, a new round of violent protests break out in egypt as police fired teargas into the crowds. here are some of those scenes. >> unbelievable. more than 100,000 people flooded into downtown cairo. this time they are protesting the current president martha maccallum and his power grab. they are disillusioned with what he has brought to their country. then you have this happening. police firing teargas. gypt's highest courts refusing to work in protest of morsi's actions. steve harrigan is streaming live from cairo. the protests looked like the unrest we saw in that same square back in 2009 and the arab
over the next ten years. that's about 40% of the $4 trillion deficit goal that we have. that's the same thing that simpson-bowles had, 40% revenue. so the only way you can reach that, incidentally, is to allow the rates to go up. just this idea of we're going to take a look at the tax code, change some credits and deductions, you can't come up with enough money. >> so any deal will have to include at least some hike in the tax rate. >> i don't think there's any other way to approach it. that's why the president has taken this position. if we're going to make sure, for example, that we spare families making $250,000 a year or less from any income tax increase, then this idea that we're going to go into the tax code and find $1.6 trillion over ten years becomes almost impossible. we need to protect those middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in hi
negotiated deficit reduction changes. it includes expiration of the bush era tax cuts that would effect everyone. expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that won't materialize later. the american people have seen that game before. they won't be fooled again. >> th
" and he joins me now. thanks for being with us now. we appreciate it. you compare the deficit to an insurance policy. you say it doesn't make you any richer in the short-term, but in the long-term, it is helpful. i want to actually put your statements up. you say let's agree to keep deficits very high for at least another year. and then let's buy an insurance policy against that debt crisis when we can really afford it. so lots of republicans and democrats out there would disagree greatly with you. say that america's ability to pay its debt is really important. how would you respond to them? >> right. i do think that there's a thing that's taken place in washington deficit reduction will stimulate us to enormous growth in 2013. the fact is what deficit reduction is, is tax increases and spending cuts, both of which take economic activity out of the economy. so this really is extremely similar to insurance. if i buy, say, flood insurance. what i'm doing is i'm paying a short premium in the short-term, to protect my house in the long-term. that's exactly what deficit reduction i
is an integral part of deficit reduction. from my side of the table, bring entitlement reform into the conversation. social security, set aside, doesn't add to the deficit. when it comes to medicare and medicaid, protect the integrity of the program, but give it solvency for more and more years. >> reporter: a source with engine of knowledge -- with knowledge of the negotiation says there is no date set in stone for the next meeting among the principle negotiate othe timing will depend on the progress of staff member, in the next few days. but we should not be surprised if they get together, sthiem week. shannon. >> shannon: we wish them much luck. thank you. our worst-case scenario, there isn't a deal. the former economics director it'll peter tracy, tells what did you say to expect if that happens and what will happen if it doesn't. let's talk positive, first. who do you think, if something comes together, will be the key players. >> we need to see president obama move off the position of entitlements and propose real reductions, tangible, real, so there is something to bala
. so the biggest problem created the deficit that we have, the fiscal cliff that we're falling over is on spending. so this preoccupation with talking about taxes is talking about the smaller of the two problems that are causing the deficit. >> right. when you have a negotiation that's going on although the moment, 72% of americans according to the cnn poll believe obama and the gop should compromise to get thing off a cliff. we have to give and we see the difference ideologically, but in all kinds of tixie deductions and so on and a flat income tax increase on wealthy americans. what's the ideological difference. wealthier people pay a little more tax. >> it's not a ideological difference. what can raise the money most efficiently and effectively to create economic growth that's going to create jobs for people. one of the things i talked about during the campaign was cutting the corporate tax for manufacturing. you want to create jobs that are here in america that are going to create good-paying jobs that create things that people will consume here in it country. let's do something
is an integral part of deficit reduction. yes, from my side of the table bring entitlement reform into the conversation. social security, set aside. doesn't add to the deficit but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. martha: alabama republican jeff sessions is the ranking member on the senate budget committee. senator sessions good morning. good to have you here today. >> martha, thank you. martha: a lot of talk this morning after these sunday shows and watching both sides talk about this fiscal cliff about who seems to be moving and in what direction. what are you hearing, what are you hearing from lindsey graham who says, quote he is willing to break that pledge on taxes under certain circumstances? what are they really saying? >> i'm not sure what they're saying. there's a lot of this talk going on. i don't know who is speaking for the republican party. the house of representatives where you have a substantial republican majority but the truth is that this country does not need to go through t
norquist in july when he agreed to a tax increases in exchange for a grand bargain on the deficit. the other republicaa gang member, senator mike ray powell reportedly indicated earlier that he is open to a range of possible tax rates. now senate is lindsay gramm, john mccain, bob barker along with house majority leader eric cantor and congressman peter king are rebuking the norquist anti-tax pledge, a new gang of six saying in recent days they would break that pledge to look for new ways to generate revenue republican congressman peter king said bluntly, he is not ruling anything out. >> i agree entirely. a pledge to sign 20 years ago, 18 years ago. i think everything should be on the table. lou: two of the senator's not only reversing themselves on raising taxes but also rethinking their opposition to a susan rice secretary of state apartment. senators gramm and mccain both revising their political positions in a bit -- at a breathtaking pace. joining a summer we are calling the republican reset, the fiscal cliff, of course, and the coup in egypt, the president seemingly in sear
dick durbin says medicare and medicaid are fair game in deficit negotiations, but insist social security should be left alone. >> social security does not add one penny to our debt, not a penny. it's a separate funded operation, and we can do things, and i believe we should now, smaller things, played out over the long term that gives it solvency. medicare is another story. only 12 years of solvency lie ahead if we do nothing. so those who say don't touch it, don't change it are ignoring the obvious. >> despite showing willingness for reform -- >> can we talk about that for a second? >> i don't want to repeat what you said. >> it's bull hockey. >> that's not what you said. >> this whole thing has been a complete farce for years. there's no trust fund. they raided that a long time ago. but the bigger point, i will because you know what? my heart has grown like the grinch's since thanksgiving. i have so much to be thankful for. >> it's been growing ever since election day, basically. >> so i'm going to be kind. first of all, senator durbin deserves respect on this front because he
and economic impact and we're concerned about that. but when we're dealing with the debt and deficit, no matter what we do, in terms of raising taxes or cutting spending, it has a negative impact but we're running a 40% deficit year in and year out. we have to long term get that better aligned. >>> you're going to get the question, does congress know where the deal is going to come on fiscal cliff ultimately and this is all just posturing? you really don't? >> absolutely not. look, we've been dealing with this for a long time and for every dollar in tacks that you're willing to spend, how do you cure that appetite in an instance? we have hard work ahead of us, no question. >> the rebel group known as m-23 took over a major city. they have plans to move on the capital. it's part of a very bloody, bloody regional war. it's seen atrocity on both sides. it's cost millions of lives. you've been very vocal about it. what should the u.s. be doing here? >> this is the greatest humanitarian crisis that nobody has ever heard of. somewhere between 3 to 4 million people have been killed in the last few yea
does not address the debt problem. we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key
revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal. that has to be resolved first before you can get to issues like sequestration. when you hear that from a colleague, does it say to you that there is room, and does the president do anything short of raising tax rates on the wealthy? is there anything short of that acceptable? >> well, you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. there's ways of doing that. secondly, though, we've got to close some significant loopholes. for instance, the ones which allow too many corporations in this country to avoid paying taxes by moving revenue overseas. the us
billion a year and would pay ian volving credit but it doesn't touch our deficit or balance our budget and the other thing that is important they have to get something in return. we'll put it up on the clinton rates and not touch medicare or medicaid? it is all part of the deal. >> gretchen: once you get people back to the table. it is it like a marriage, marriages don't work when one party said i will not budge on anything. >> brian: i hope my wife is listening. >> steve: we are in the let's make a deal stage. both sides want to appear flexibility when it comes to doing something. we aapparently the president of the united states. the week after thanksgiving nothing is scheduled. but we understand that the top aides are working together to do something. who is leading the charge for the white house? tim geithner. it is interesting, in the beginning, during the confirmation it was revealed he did not file taxes properly and people say is he qualified to be the treasury of the secretary. according to the wall street journal. they work with him and like him. and jack lu who did it last t
or have less of a deficit is to let the economy grow. raising tax rates on rich people will not help the economy grow. in fact, it will send the economy in the wrong direction. >> i understand. i know you signed a pledge and you're sticking to that pledge with regard to the people you represent. so let me move on and ask you this, senator. you have indicated you are interested in running for president. tell me this, here, how exactly -- how interested are you and have you taken -- i know you smile because you've been asked it before, but let me ask you as well, have you taken any concrete actions to start lining up support? honest answer, please. >> well, you know, i've said i won't deny that i'm interested. little bit different than i am interested. >> let's read between the lines. what does that mean, sir? >> i want to be part of the national debate. i think my party, the republican party is shrinking. we're in danger of becoming a dinosaur. we're not competitive on the west coast. we're not competitive in new england. we weren't competitive around the great lakes. so we need a new
, bring entitlement reform into the conversation. social security sed aside. doesn't add to the deficit. but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. >> congressman bill pascrell is a democrat from new jersey. thank you for talking with us. >> soledad, how are you this morning? >> i'm really well, thank you. i've had many, many days off. what are the democrats willing to give? you heard dick durbin there. tick off for me and be specific, what are democrats willing to give on in this negotiation? >> well, i think the senator's absolutely correct, we need to compromise. there's no question about that. and we will not, however, in any way, shape or form, jeopardize the planned benefits for social security. i mean that's kind of installed in the american people. we changed social security over the years in order to meet the demands that the program insists upon. we will do that. but we'll do that in a bipartisan fashion. >> okay, so compromise. social security is off the table. medicare, walk me through what a
Search Results 0 to 25 of about 26 (some duplicates have been removed)